When Bitcoin was first launched, a computer was needed to mine it online. But mining process becomes complicated and miners are using advanced CPUs for mining such digital assets today. Check bitcoin for beginners and see which offers a highly secure and user-friendly environment for their clients to invest.
Now, in today’s world, majority of the smartphones are well equipped to make these transactions on the web using many different cryptocurrency exchange apps, some of them are WzairX, Coinbase, Binance, Cash App, Bisq, etc. These apps are widely available for iOS and Android store, and people can use such apps at free of cost, if they have an account with the concerned exchange. These apps are known as hot storage and people can use such wallet to make transactions with bitcoins.
To exchange your cryptocurrency for cash, any one of these applications is needed. Cryptocurrency worth more than sixty Million is traded worldwide through these apps on a daily basis. However, you cannot buy and convert your bitcoins into cash if you do not have a crypto account. So, first you need to open an account on a trusted platform, complete your KYC, buy coins and store them in your digital wallet. Once you find such coins in higher value, you can place a sell order on your exchange only.
How to convert your Bitcoins into cash?
There is a lot that can be done with digital currency, and you can use your bitcoins for buying goods and services too. Depending on the needs and preferences different options are available to covert Bitcoins to cash, these are:
- Debit cards: This option is mainly for convenience as you can transfer money from your crypto exchange app’s wallet directly to your bank account which you can later withdraw in the form of cash from an ATM using your debit card. This is the easiest and most convenient method and is preferred over other means by people for converting their Bitcoins to cash. This whole process is considered fast, reliable and secure.
- Exchange service: This process required the creation of a wallet with a preferred exchange service and then a transfer of Bitcoins from your cryptocurrency trading app to that exchange service’s wallet is required. Now, the Bitcoins in this wallet can be converted into almost any country’s currency of choice and then transferred in the form of that currency to a personal bank account. This process can take some time, but you can convert your coins into cash at less transaction fees from an exchange. You can also use this platform to buy and sell your coins.
- Selling Bitcoin for cash: Bitcoins are widely mined, but capped with a certain number. So there are many probable buyers available online. Once one such buyer is located, a simple transfer of Bitcoin to the person’s cryptocurrency trading account for cash-in-hand is also a great option. It’s very easy to find a directory of people interested in bitcoin online and you can directly contact with them through such platforms.
- Bitcoin ATM: Yes, Bitcoin ATMs are a thing and are widely available in major cities of almost every country in the world. These ATMs accept Bitcoins and debit cards both. One can simply walk up to these ATMs, enter their cryptocurrency exchange service credentials, select the amount to be withdrawn and get fast, secure and easy cash for their Bitcoin. This process normally involves a hefty processing fee depending upon the country and currency that you are using.
Contrary to converting Bitcoin to cash, a person can buy and pay for almost anything on the internet in today’s world using cryptocurrency without needing to first transfer it to their bank account or convert their Bitcoins to cash.
Conclusion
Cryptocurrency trade has become a very easy. Contrary to the olden days, when a computer was a must to perform any sort of trade or transaction that involved Bitcoin, you can easily use your Smartphone to make such transactions with bitcoin today. In the day and age of smartphones, converting Bitcoin to cash is merely a click away and you can save your transaction cost by using your coins online or any retail outlet.
Interesting Related Article: “All You Need To Know About Bitcoin Trading“